Loeb’s Third Point acted quickly following the UK vote on June 23 — jumping into US equities when they tumbled following Brexit and then profiting as stocks gained 4.9 percent from their decline before the end of the month.

For the month, Third Point gained 4.6 percent in the second quarter, according to an investor letter released Wednesday.

David Einhorn’s Greenlight Capital, in a letter on Tuesday, pointed to the Brexit bounce to help explain a profit from its short positions.

While returns in the broader hedge fund industry are trending lower compared to previous years, the UK trading opportunity helped to brighten that narrative.

Third Point said problems like “copycat investment frameworks” and some managers failing to have a macro view should be addressed.